marketing test 1

ch 1,2,3 and 8 . also have a set on quizlet

marketing def

researching and providing things that have value to the consumers, partners, and society as a whole

elements influencing marketing actions

internal dept, external orgs, environmental factors

conditions for an exchange

two or more parties with a need, the desire to satisfy, way for the parties to communicate, a thing to exchange 

discovering needs/ wants

research, surveys, crowdsourcing, talking to customers

satisfying needs/wants

providing customer value , the 4 P’s

market definition

a set of buyers

target market

one or more groups of potential  consumers who orgs will direct marketing actions towards 

utility

the benefits a consumer gets when using a product, 4 types, satisfying customer needs

form utility

potatoes into chips, fries, etc.

place utility

buy wherever

time utility

buy when ever

possession utility 

making it easier to buy, like, offering credits or payment plans 

relationship marketing

seek building long-term relationships with customers , mutual benefits

marketing segments

one or more groups of consumers who have the same needs and respond similarly to a marketing action

evolution of marketing

production era, sales era, marketing concept, marketing orientation

production era

the more you produce the lest it costs, mass distribution 

sales era

made more than you could sell, salesmen, more competition

marketing concept era

satisfying consumer needs while achieving organizations goals

marketing orientation era

orgs continuously collect info about consumers, shares across departments, using info to create customer value 

who markets?

every org

what is marketed? 

products 

goods def

physical items

services def

intangible items

ideas def

concepts, actions or causes

who buys and uses what is marketed?

individuals and orgs

who benefits? 

consumers who buy, orgs that sell, and society as a whole

how do consumers benefit

utility

the 4 P’s

place, product, price, promotion

price 

what is exchanged for the product 

promotion

a means of communication between the seller and buyer

place

means of getting the product to consumer

what is strategy ?

an orgs course of action designed to focus and direct efforts to customer exp and achieving organizational goals 

corporate level strategy

top directs overall strategy for entire org

strategy on business unit level

==

strategy on functional level

groups create value for the org, strategic direction is more specific and focused

organizational foundation (why)

organizational purpose, core values, mission (vision), organizational culture

organizational direction (what)

defining your business, goals: long term, short term

organizational strategies (how)

by level: corporate, sbu, functional.

by product: good, service, idea

setting strategic direction

where are we now and where do we wanna go ?

where are we now?

competencies (what we do well), customers(want to know about them), competitors(direct and indirect 

where do we wanna go ?

growth strategies: business portfolio analysis, diversification analysis 

portfolio analysis ( BCG Matrix)

used to allocate resources, question marks, stars, cash cows, dogs.

stars

high growth, high market share.

question marks

high growth, low market share. could become stars or dogs

cash cows

low growth , high market share. lots of money generated but not used up, excess cash

dogs

low growth , low market share

diversification analysis

helps firms search for growth potential

diversification strategies

market penetration, product development, diversification, market development

market penetration

just selling more of a current product in the current market

market development

selling the same product in a new market( like a new location )

product development 

selling a new product in the same market

diversification

selling a new product in a new market, risky

environmental scanning

the process of constantly acquiring information on events occurring outside the organization to identify potential trends

environmental forces

socio-cultural, economics, technological, competitive , and regulatory 

socio-cultural force

demographic shifts and cultural changes

economic forces

macro conditions, consumer income

technological forces

new developments, AI, data analytics

competitive forces

pure competition, monopolistic, oligopoly, pure monopoly

regulatory force

govt makes laws protecting: competition, production, product, consumers from unfair trades, companies , self regulation

marketing research def

defining a marketing problem/ opportunity, and collecting info and recommending actions 

5 step marketing research approach (MRA)

define problem, develop research plan , collect info, develop findings, take marketing actions

types of marketing research

exploratory, descriptive, casual

exploratory research

provides ideas about a vague problem / question

descriptive research

trying to find frequency with which something occurs or the extent of a relationship b/w two factors

casual research 

tries to determine the extent to which the change in one factor changes another one 

constraints

restrictions placed on potential solutions to a problem, ex time and money

types of data

primary and secondary, internal and external

primary vs secondary data

primary- new collected for the project

secondary- already collected prior to project

internal vs external data

i- inside the firm, financial statements, sales, budgets

e- outside the firm , US census reports, etc.

types of primary data

questionnaires, social media, data mining, observational data , etc.

advantages of secondary data

time saving , low cost

disadvantages of secondary data

not always specific enough, out of data ,

advantages of primary data

more specific , more flexible

disadvantages of primary data 

expensive, and time consuming 

presenting the findings

managers job, be clear and precise, limit to around 1 pg

sales forecasting techniques

judgments of the decision maker, surveys of knowledgeable groups, statistical methods

open vs closed questions

open= opportunity to expand on answer 

closed= yes or no, short defined answers

dichotomous questions

only yes or no

likert scale

responses indicate the extent they agree or disagree with a statement

semantic differential scale

5 point scale with opposite ends that have opposite words on each side